Bitcoin - Huge pump is ready! + Bullish pennant
Updated
- Bitcoin is forming this bullish pennant on the daily chart. The price has been inside this pattern for a month, and it's time for a massive breakout!
- The next stop is around 34k because of the 0.618 FIB extension from Wave (1) to Wave (2) and we can hit this target next week. After it, a pullback is likely, but continuation of the uptrend to 39k is in place as per my previous analysis. Then I expect a crash to 21k!
- This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I share my trades transparently and post trade setups privately.
- Bitcoin has been consolidating for 1 month with a complex Elliott Wave correction wave (WXY) - Triple three. Before this correction, there is a strong impulse wave (12345). Now we should see a 3rd impulse wave followed by a triangle (ABCDE) or a ZigZag (ABC) and a final diagonal wedge pattern. Usually, when one of the corrective waves of a major impulse wave is complex, the second one should be a triangle or a zigzag pattern.
- XRP is pumping, and I hope you bought some cheap coins as I recommended! 1.3 is a strong resistance for XRP, so check out my previous idea in the related section down below.
- Also watch SPX and NDQ, if it his a new all time high, a major crash could happen also on BTC! Bitcoin is unfortunately pretty weak compared to other assets this year.
- I feel an alt season in the air, at least for a couple of weeks. I already have full bags of altcoins, so I don't know about you, but I am prepared!
- Thank you, and for more ideas, hit "Like" and "Follow"!
Note
The pennant still holds, so it's bullish. But in the event of a breakdown of the pattern, the next stop is the 0.618 FIB and the previous unfilled FVGAP! It's possible to take advantage of a possible breakdown and short it with a stop-market order.Note
Altcoins such as DOGE, IOTX, FET, LTC, COMP, ATOM are ready for a massive breakout, that's why I turned bullish on BTC!
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